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Bill > A01907
NY A01907
NY A01907Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counselling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the gov
summary
Introduced
01/17/2019
01/17/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counselling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.
AI Summary
This bill establishes a reverse mortgage loan program in New York state for seniors. The New York State Mortgage Agency (NYSMA) will oversee the program, which allows elderly homeowners to access the equity in their homes to pay for long-term care services and remain in their homes. The bill defines key terms, sets eligibility criteria, and outlines the loan terms and conditions. It requires a care needs assessment by area agencies on aging and counseling for applicants. The bill also mandates that lenders provide a list of HUD-approved counseling agencies and obtain certification of counseling before accepting an application. NYSMA must report annually on the program's performance. The bill aims to help "house-rich, cash-poor" seniors access private funds to cover long-term care costs and reduce the burden on Medicaid.
Committee Categories
Housing and Urban Affairs
Sponsors (15)
Brian Barnwell (D)*,
Judy Griffin (D)*,
Jo Anne Simon (D)*,
Dan Stec (R)*,
Carmen Arroyo (OTHER),
Michael Blake (D),
William Colton (D),
Vivian Cook (D),
Anthony D'Urso (D),
Alicia Hyndman (D),
Ellen Jaffee (D),
Walter Mosley (D),
Victor Pichardo (D),
Karines Reyes (D),
Jaime Williams (D),
Last Action
referred to housing (on 01/08/2020)
bill text
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=A01907&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 01/18/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A01907&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A01907 | 01/18/2019 |
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